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  • Sensex regains 38,000 as government slashes corporate tax rate

    A rally on last trading day helped the key indices erase losses and end the week with steady gains. Gains triggered by government's announcement of cut in corporate tax rates outpaced losses caused by surging crude prices and concerns of slowing economic growth. Both the Sensex and the Nifty, settled at almost two-month high. The Sensex regained the psychological 38,000 mark.

    In the week ended on Friday, 20 September 2019, the Sensex rose 629.63 points or 1.68% to settle at 38,014.62, its highest closing level since 22 July 2019. The Nifty 50 index rose 198.30 points or 1.79% to settle at 11,274.20, its highest closing level since 26 July 2019.

    The BSE Mid-Cap index rose 454.48 points or 3.33% to settle at 14,120.07. The BSE Small-Cap index rose 191.2 points or 1.47% to settle at 13,204.25.

    Key equity benchmarks declined on Monday, 16 September 2019 following a surge in global crude oil prices after attacks on Saudi Arabia's oil facilities. The barometer index, the S&P BSE Sensex, fell 261.68 points or 0.70% to 37,123.31. The Nifty 50 index fell 72.40 points or 0.65% to 11,003.50.

    Indices tumbled for second consecutive day on Tuesday, 17 September 2019 following a surge in global crude oil prices after attacks on Saudi Arabia's oil facilities. The barometer index, the S&P BSE Sensex, fell 642.22 points or 1.73% to 36,481.09. The Nifty 50 index fell 185.90 points or 1.69% to 10,817.60.

    Stocks snapped two-day losing streak and ended with decent gains on Wednesday, 18 September 2019 following a decline in crude prices. The barometer index, the S&P BSE Sensex, rose 82.79 points or 0.23% to 36,563.88. The Nifty 50 index rose 23.05 points or 0.21% to 10,840.65.

    The market declined sharply on Thursday, 19 September 2019 led by slide in banks stocks. The barometer index, the S&P BSE Sensex, fell 470.41 points or 1.29% to 36,093.47. The Nifty 50 index fell 135.85 points or 1.25% to 10,704.80.

    Domestic shares surged on Friday, 20 September 2019 after the government slashed the corporate tax rate to boost economic growth. The barometer index, the S&P BSE Sensex, rose 1921.15 points or 5.32% to 38,014.62. The Nifty 50 index rose 569.40 points or 5.32% to 11,274.20.

    Among stocks, Reliance Industries (RIL) added 2.35%. The promoter group hiked stake in the company. On 13 September 2019, Reliance Services and Holdings, a part of promoter group, acquired 17.18 crore equity shares, or 2.71% stake, in RIL. The aggregate shareholding of the promoter and promoter group now stands at 309.80 crore shares, or 48.87% equity.

    Auto major Mahindra & Mahindra (M&M) gained 3.21%. M&M announced 8-14 days of no production in various plants of the company in the automotive sector. No production days would be observed so as to align company's production with its sales requirement.

    Bajaj Finance jumped 8.16%. The company's board of directors approved raising of capital through a Qualified Institutions Placement (QIP) for an aggregate amount not exceeding Rs 8500 crore by issue of equity shares and/or eligible securities. The announcement was made after market hours on 17 September 2019.

    Axis Bank gained 0.94%. The bank informed about opening of the qualified institutions placement of equity shares of face value of Rs 2 each to qualified institutional buyers (QIB). The floor price in respect of the issue is Rs 661.50 per equity share. The announcement was made after market hours on 19 September 2019.

    Drug major Lupin fell 1.05%. The company received a warning letter from the USFDA for its Mandideep (Unit-1) facility. The company assured that there are no pending approvals on Mandideep facility and thus the warning letter will not have an impact on existing revenues and operations of the facility. Furthermore, the company assured that it is working on resolving the issues raised by USFDA at the earliest.

    Realty major DLF rose 1.23%. The firm announced that it has sold over 9 acres of land located in Sector 74 A in Gurugram to American Express (India) for Rs 32 crore an acre. The proposed extension of the Gurugram metro route passes through SPR opposite the land acquired by American Express and so will be the planned Rapid Rail between Delhi & Alwar.

    In a press conference held in Goa on Friday, 20 September 2019 the Finance Minister Nirmala Sitharaman announced a slew of measures in order to reduce the prevailing taxation rates in the country. The FM said that the new corporate tax rate will be 22% without exemptions. The effective corporate tax rate after surcharge will stand at 25.17%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%, the FM added.

    FM also announced that effective tax for new companies shall be 17.01%, including cess and surcharge. Companies enjoying tax holidays would be able to avail concessional rates post the exemption period.

    FM further added that the Government will give MAT relief for those opting to continue paying surcharge and cess at 22%. MAT has been reduced to 15% from 18.5% for companies who continue to avail exemptions and incentives.

    The government has also decided to not levy enhanced surcharge introduced in Budget on capital gain arising from sale of equity shares in a company liable for securities transaction tax (STT). To stabilise flow of funds into the capital market, enhanced surcharge under Finance (No.2) Act, 2019 will not apply on capital gains arising on sale of equity share in a company or a unit of an equity oriented fund or a unit of a business trust liable for STT. Higher surcharge will also not apply on capital gains on sale of security including derivatives held by foreign portfolio investors (FPIs). Listed companies that have announced buyback before 5 July 2019, tax on buyback of shares will not be charged.

    Total revenue foregone for the reduction of taxes and other reliefs is estimated to be at Rs 1.45 lakh crore per year.

    On the macro front, India's wholesale inflation remained at 1.08% in August, the same level as the previous month, government data showed.

    India's merchandise exports declined 6% to US$ 26.13 billion in August 2019 over a year ago. Meanwhile, merchandise imports dipped 13.4% to US$ 39.58 billion. The trade deficit narrowed 24.9% to US$13.45 billion in August 2019 from US$ 17.39 billion in August 2018.

    India's services exports increased 8.7% to US$ 19.08 billion in July 2019 over July 2018. Meanwhile, India's services imports jumped 18.2% to US$ 12.83 billion in July 2019. India's services trade surplus declined 6.7% to US$ 6.26 billion in July 2019 from US$ 6.70 billion in July 2018.

    Finance Minister Nirmala Sitharaman on Saturday, 14 September 2019 announced a fresh set of relief measures to boost exports and housing sector.

    On the global front, a cut in the reserve requirement ratio for banks by the People's Bank of China (PBOC) went into effect on Monday. The PBOC said in early September that its reserve requirement ratio would be cut by 50 basis points and it would further reduce that ratio by 100 basis points for some qualified banks. That is set to release 800 billion yuan ($113 billion) in liquidity into the economy.

    China's industrial production grew at the weakest pace in 17-1/2 years last month and fixed-asset investment in January-August increased at a slightly lower rate than expected, data showed.

    The Bank of Japan (BoJ) kept monetary policy steady on Thursday. In an expected move, the BoJ maintained its short-term interest rate target at -0.1% and a pledge to guide 10-year government bond yields around 0%.

    The U.S. industrial production rose 0.6% in August, the Fed said Tuesday. Capacity utilization increased by 0.4 percentage point to 77.9%.

    The Fed announced it would cut the benchmark federal funds rate a quarter percentage point to a range of 1.75% to 2% on Wednesday, but said in an accompanying statement that sustained expansion of economic activity, strong labor market conditions, and inflation near the committee's symmetric 2% objective are the most likely outcomes. The Fed, however, appeared divided on further action for the year.

    The Fed also released a survey of Fed Board members and regional Fed bank presidents, which showed that the median respondent believes the Fed funds rate would be at present levels through the end of 2020.

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Flash News 06-Jun-2020
  •  ( 17:07) Vedanta Q4 net loss at Rs 12,521 cr on one-time loss  
  •  ( 17:06) Relaxo Footwears Q4 PAT declines 5% to 52 cr  
  •  ( 15:59) Divis Laboratories consol. Q4 PAT up 32.96% Y-o-Y to Rs 388.23 cr  
  •  ( 14:32) Sumitomo Chemical Q4 consol. PAT at Rs 22.91 cr  
  •  ( 13:29) Gujarat Gas consol. Q4 PAT up 114.80% Y-o-Y to Rs 250.46 cr  
  •  ( 12:38) L&T consol. PAT down 6.5% at Rs 3197.07 cr  
  •  ( 12:03) Exide Industries consol. Q4 PAT down 22.2% Y-o-Y to Rs 235.57 cr  
  •  ( 09:16) Nasdaq hits a record after surprise jobs surge boosts recovery bets  
  •  ( 09:15) Dow jumps more than 800 points on Friday  
  •  ( 09:02) Silver Lake hikes stake in RIL's Jio Platforms  
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05 June 2020 00:00
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